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The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution

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  • Mark Koyama

Abstract

In pre-industrial economies labour supply curves often bend backwards at very low levels of income.� This changed prior to the industrial revolution: total working hours increased (De Vries (1993), Voth (1998, 2000)).� This paper examines this industrious revolution using a model of labour supply where consumption takes time.� This analytical framework enables us to draw a distinction between a pessimistic account of the industrious revolution as suggested by Van Zanden (2006) and an optimistic account advanced by de Vries (2008) of an industrious revolution driven by changing patterns of demand.� This formulation clarifies the importance of new consumption opportunities in driving hours worked.

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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number Number 78.

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Date of creation: 01 Sep 2009
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Handle: RePEc:oxf:wpaper:number-78

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Keywords: Labour supply; Industrious revolution; Consumption; Time allocation;

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Cited by:
  1. Paul David & S. Ryan Johansson and Andrea Pozzi, 2010. "The Demography of an Early Mortality Transition: Life Expectancy, Survival and Mortality Rates for Britain's Royals, 1500-1799," Economics Series Working Papers Number 83, University of Oxford, Department of Economics.

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